Thai SEC accuses Bitkub executives of concealing $50 million hack loss, files criminal complaint
2026-07-28 23:41
Odaily Planet Daily News: The Securities and Exchange Commission of Thailand (SEC) has filed a criminal complaint against crypto exchange Bitkub Online and two former directors, Sakolkorn Sakavee and Thaweesap Rawan, alleging that they submitted false financial reports between May and October 2021. The case has been referred to Thailand's Economic Crime Suppression Division (ECD) for investigation, and prosecutors will decide whether to formally press charges.
The SEC stated that Bitkub suffered a cyberattack in May 2021, resulting in the theft of 16 types of digital assets, with losses exceeding $50 million. Regulatory investigations revealed that Bitkub did not reflect the related losses in its daily net capital reports, Form DA 1, for the period from May 10 to October 30, 2021.
The SEC claims that the relevant executives made false entries in the company's official documents, leading regulators to believe that client assets were intact and the company had not suffered financial losses. Although Bitkub subsequently completed the acquisition of replacement assets in late October 2021, the SEC believes the reports filed during that period constituted misrepresentation.
In a statement on July 23, Bitkub said that existing customer holdings are secure and its accounts are complete. Bitkub stated that its co-founder purchased replacement assets of the same quantity and type of coins to cover the losses and noted that it had reported the cyber theft incident to law enforcement on May 10, 2021.
The SEC stated that Bitkub suffered a cyberattack in May 2021, resulting in the theft of 16 types of digital assets, with losses exceeding $50 million. Regulatory investigations revealed that Bitkub did not reflect the related losses in its daily net capital reports, Form DA 1, for the period from May 10 to October 30, 2021.
The SEC claims that the relevant executives made false entries in the company's official documents, leading regulators to believe that client assets were intact and the company had not suffered financial losses. Although Bitkub subsequently completed the acquisition of replacement assets in late October 2021, the SEC believes the reports filed during that period constituted misrepresentation.
In a statement on July 23, Bitkub said that existing customer holdings are secure and its accounts are complete. Bitkub stated that its co-founder purchased replacement assets of the same quantity and type of coins to cover the losses and noted that it had reported the cyber theft incident to law enforcement on May 10, 2021.
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